Beware! Counterfeit Naira Banknotes In Circulation – CBN 

Ayuba Sanusi 

THE Central Bank of Nigeria (CBN) has enjoined Deposit Money Banks, Financial Houses, Bureau de Change and the general public to be vigilant and take all necessary precautionary

measures to curtail the acceptance and distribution of counterfeit notes.

The apex bank in a release today said its attention has been drawn to the circulation of counterfeit banknotes, especially higher denominations, by some individuals for transactions in food markets and other commercial centres across major cities in the country.

The release signed by Sidi Ali Hakama (Mrs.) Ag. Director, Corporate Communications says the CBN Act (2007) is clear when it states: “It shall be an offence punishable by a term of imprisonment of not less than 5 years for any person to falsify, make or counterfeit any bank note or coin issued by the Bank which is legal tender in Nigeria.”

The bank says it is in constant collaboration with relevant security and financial agencies to

confiscate fake Naira banknotes, arrest and prosecute counterfeiters.

“Members of the public are also encouraged to report anyone suspected of having counterfeit Naira notes to the nearest police station, branch of the Central Bank of Nigeria or via contactcbn@cbn.gov.ng.”

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